In just nine years, the real estate company has become a force to reckon with in an industry that has attracted many players
The real estate sector has over the last few years grown tremendously, spurred by demand for housing by the emerging middle class with disposable income, increased urbanisation and growth of devolution. This has led to increase in real estate developments, both residential and commercial, across the country, opening up business opportunities for private sector players.
One such player is Denko Properties, a real estate company established in 2010 with an objective to transform the industry and cater for the property needs of its clients. “Our vision is to be a key player in the sector by meeting the various needs of our clients,” says Dennis Mbaabu, Denko’s general manager.
With an understanding that the real estate sector attracts clients with different needs, the company endeavors to cater for each person by launching different projects from which clients can choose from.
Starting off with Kitengela Phase one project that had only 15 plots, today, Denko Properties has launched other prime projects within and in Nairobi outskirts including Rongai, Konza, Isinya, Ruiru and Juja. Some of their completed projects include Lavender Court, Ruiru Phase 2, Rongai Phase 1, Konza Phase 4, East View Gardens, Green Hub Estate Phase 1, High Garden, Hillside Gardens and Kitengela Phase 3.
Denko Properties recently launched the Sterling Gate touching the upcoming Kitengela – Ongata Rongai via Tuala bypass. An eighth acre plot sells at Ksh 1.6 million, with 0% interest installment plans for up to one year, and cash discount of up to 13%.
Another ongoing project is the GreenHub Estate Phase 2 based in Kitengela. It is more of an agribusiness venture which has been successfully done in conjunction with Green Gro International. An eighth acre plot goes for Ksh 995,000, with a cash discount of up to 8%.
“We are very flexible in our payment terms since most of our clients are business people,” observes Mbaabu.
The real estate company targets middle and upper class people within and around Nairobi. The company however plans to expand to other towns in the country in the near future.
Having been established and managed by people with a stint in real estate, there is no doubt that Denko Properties has grown rapidly over the years and has found a footing in the cut-throat industry.
According to the general manager, the real estate firm will continue launching new projects in line with its vision. “This year, we plan to launch three to four projects in prime locations, to offer clients value for their money.”
“One of the key factors that make us stand out from the rest is that we sell prime properties,” notes Mbaabu. Real estate is all about location, potential for growth and value for money, something that smart investors understand. In fact, some clients buy land for capital gain and speculation for future investment.
The company has for instance given much focus to Kitengela owing to the knowledge that it is one of the biggest metropolitan towns in Nairobi. It is also a good hub and a fast growing town that suits the needs of the investors.
Secondly, Denko Properties offers value addition services including state of the art fences, access roads, electricity as well as social amenities. In the Sterling Gate project for instance, the company plans to put in place modern facilities including a school complex, sports recreation area, shopping mall, club house, and a relaxing park.
Thirdly, at Denko, customer service is top notch. “We don’t stop after receiving payment from the clients, but we go the extra mile to facilitate the transfer process at no extra cost. We keep our promise and that is our key performance indicator,” notes Mbaabu.
Furthermore, title deeds are issued within one month after payment completion at no extra cost.
Our slogan at Denko Properties is “your property your style” because we believe if it’s your property, it should be on your style. That is the current trend that we are seeing. We have embraced this idea with Sterling Gate project in which clients are at liberty to build their houses with their own designs.
Over the last nine years, Denko has achieved major strides. In 2018, it was recognized as The Best Agribusiness Property Provider in Kenya by the Real Estate Excellence Awards due to their agribusiness contribution.
In 2015, the company penetrated the diaspora market and clients have now started investing in different projects including the Sterling Gate.
Most remarkably, Mbaabu says when they started in 2010; it only took two projects to have return customers. This is attributed to the fact that Denko keeps its promises besides offering free site visits to its clients.
However, Mbaabu points out that ability to buy property is the biggest challenge in Kenya. The government should therefore consider reducing the cost of housing by cutting taxation on some of the construction materials to ensure developers sell property at an affordable cost.
The move will also encourage people who prefer to buy land and build for themselves, to invest in already developed properties.
Although the real estate industry has grown tremendously over the last few years, Mbaabu says that there are many things that investors should put into consideration prior to buying property. To start with is doing an extensive due diligence. It involves doing a search on a property that is on sale, site visit and buying land from a genuine company.
There is also the issue of documentation. Filling the right documentation step by step is important to make sure your property is secure. That includes letter of offer, agreement of sale or purchase, land transfer documents, and title deed.
“As Denko Properties, we educate our clients on due diligence and on all matters concerning real estate. We believe it is our obligation as a company not only to make money, but also to make our investors knowledgeable.”